This rally may not be real in a bigger picture sense -- I still don't have that sorted out. But coming off the fairly extreme bearish sentiment, improving momentum and crypto showing a "risk-on" environment, I think the path of least resistance, and the "pain trade" for now is up.
We don't always get set-ups this pretty but this custom momentum paint bar really helped me see that the last few days were just a consolidation for the next wave up. I still don't know if we're back to full-on bull mode but have bullish bias for now. We could just be retracing part of the decline. Who knows? Gotta stay flexible.
At this point one can only hope someone does something stupid. Or if you're already long: kick back and wait to collect.
lol I hate overnight rallies... just mentioned last night to some people I thought they were going to phone in one, half way joking. Just going to be patient for a setup, since I already know days like this is where I typically perform the weakest.
I will say while market is bullish and looks decent. It still isn't in it's strongest form. Still possibility for some 50-70 point pull backs in the NQ if not more. Not saying it's highly likely, just saying market isn't in a mode where generally you can just buy up here without much worry(there are some days like that), particularly not if you're intra-day trading and don't have a position from lower, it can be complex.
You should never "hate" anything about the market. Be friends with it. I get your point, though. This Wednesday is currently set to open with a larger gap up ~ + 1,0 % with the prior day being positive, too. Out of the last 10 times that happened, only one day was a "Down Day", but still positive on the day. The other days saw new highs in RTH being what I call an "Up Day". Using this information to my advantage, I'll be looking to enter long. We may or may not get an initial pullback. Initial target above is ES 4577.